Glencore and Samsung SDI sign supply Agreement to supply 21000 tons of Cobalt to the latter for five years

SMM2 and 11: on Feb. 10, Glencore (Glencore) said it had signed a five-year agreement to supply 21000 tons of cobalt in hydroxide to Samsung SDI, a South Korean battery maker, between 2020 and 2024.

Glencore expects the Katanga mine in (DRC), Democratic Republic of the Congo, to produce about 29000 tons of intermediate cobalt this year.

Glencore's Mutanda mine in the Democratic Republic of the Congo was also maintained and maintained in the second half of last year.

Under the agreement with Samsung SDI, Glencore's DRC operations will be independently reviewed annually in accordance with the Cobalt Refinery supply chain due diligence Standard as defined in the responsible Mining Plan.

"the deal represents a further continuation of Glencore's cobalt hydroxide marketing strategy to ensure long-term supply agreements with key players in the lithium-ion battery supply chain," Nico Palascovas, head of copper-cobalt sales at Glencore, said in a statement. "

Glencore signed a number of multi-year cobalt hydroxide supply agreements at the end of last year, including SK Innovation and GEM.

With the closure of Mutanda, the market is expected to further balance cobalt in 2020, meeting demand in batteries and electric vehicles.

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